Stock market today: The benchmark Nifty-50 index managed to end above the level of 25,200, settling at 25,244.75, with gains of 0.80% on Wednesday. Bank Nifty at 56,621.15 also ended 0.28% higher as all indices ended with gains led by Auto, IT, and FMCG. Even mid- and small caps ended with gains of 0.44 to 1.49%.
Trade Setup for Thursday
For the Nifty-50 Index, now, 25000 and 25100 would act as key support zones, and above these levels, the bullish sentiment may continue. On the higher side, 25300 would act as an immediate resistance, while above this could push the market towards 25450-25500, as per Shrikant Chouhan, Head of Equity Research, Kotak Securities.
Bank Nifty has retraced more than 80% of its recent breather (57049-55149),, and momentum remains firmly positive above the 55,400 zone, as per Bajaj Broking.
Global Markets and Israel-Iran war
Investors would now await the US Q1 GDP data, scheduled for release on Thursday, which could provide insights into the US economic growth trajectory. On the domestic front, investors would focus on financials. Monsoon-linked sectors are also expected to be in the spotlight as rainfall trends improve, said Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
The capital market-related stocks are expected to benefit from heightened activity in the broader market and a robust IPO pipeline. Overall, Khemka expects the Indian market to remain firm on the back of reduced global geopolitical concerns and positive domestic cues.
Stocks to buy today
Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, suggested three stocks, while Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, has given three stock picks.
These include Jubilant FoodWorks Ltd., Birlasoft Ltd., State Bank of India, Ambuja Cements Ltd., Tata Chemicals Ltd., Greaves Cotton Ltd., Swiggy Ltd., and Gujarat State Fertilizers & Chemicals Ltd.
Sumeet Bagadia’s stock picks
- Jubilant FoodWorks Ltd.-Bagadia recommends buying Jubilant FoodWorks, or JUBLFOOD, at around ₹713, keeping Stoploss at ₹688 for a target price of ₹763
JUBLFOOD is currently trading at ₹713, having recently rebounded from a key support zone. The stock has successfully broken above a recent swing high of ₹702, forming a bullish candlestick on the daily timeframe, which signals a potential trend reversal. This bullish setup is further supported by rising trading volumes, indicating strong buying interest and renewed market participation.
2. Birlasoft Ltd.—Bagadia recommends buying BSOFT at around ₹443.65, keeping stop-loss at ₹428 for a target price of ₹475
BSOFT is currently trading at ₹443.65 and has recently given a breakout from a symmetrical triangle pattern on the daily chart. This breakout, supported by a strong bullish candlestick and a notable surge in trading volume, signals robust bullish momentum and reinforces the positive technical outlook. The stock is now eyeing the immediate resistance at ₹450. A sustained move and close above this level would further validate the breakout and open the path for an upside move towards the short-term target of ₹475.
Ganesh Dongre’s stocks to buy today
3. State Bank of India (SBI)—Dongre recommends buying SBI at around ₹800, keeping stop-loss at ₹775 for a target price of ₹830.
A short-term trend analysis of the stock reveals encouraging technical signals that suggest a potential bullish reversal. On the short-term chart, a prominent bullish engulfing candlestick pattern has emerged, signaling a shift in momentum from selling pressure to buying interest. Adding strength to this view, the Relative Strength Index (RSI) has recently entered the oversold zone, indicating that the stock may be poised for a rebound from current levels. This confluence of technical indicators increases the likelihood of a near-term price retracement.
4. Ambuja Cements Ltd.—Dongre recommends buying Ambuja Cements or AMBUJACEM at around ₹560, keeping stop-loss at ₹552 for a target price of ₹575
In the recent short-term trend analysis, the stock has shown signs of a potential bullish retracement, supported by emerging technical indicators. A reversal pattern on the chart suggests the possibility of an upward move, with a near-term target around Rs.575.
5. Tata Chemicals Ltd.—Dongre recommends buying Tata Chemicals, or TATACHEM, at around ₹940, keeping stop-loss at ₹910 for a target price of ₹985.
A recent short-term analysis of the stock reveals the emergence of a bullish reversal pattern on the chart, indicating a possible near-term price rebound. This formation suggests the potential for a move towards the Rs.985 level, supported by improving price action.
Shiju Koothupalakkal intraday stocks for today
6. Greaves Cotton Ltd.—Koothupalakkal recommends buying GREAVES COTTON at around ₹203.70 for a target price of ₹215, keeping Stop loss at ₹198
The stock has indicated a rising trend with a series of higher lows formation on the daily chart, currently having a bullish candle to improve the bias and anticipating a further rise in the coming sessions. The RSI has indicated a positive trend reversal to signal a buy, and there is much upside potential visible from the current rate. With the chart technically looking good, we suggest buying the stock.
7. Swiggy Ltd.—Koothupalakkal recommends buying SWIGGY at around ₹399.90 for a target price of ₹420, keeping a Stop loss at ₹392
The stock, after indicating a breakout above the inverted head and shoulder pattern on the daily chart at the ₹375 zone, has maintained the strong uptrend and is steadily on the rise with further upward movement anticipated in the coming sessions. The volume participation is on the rise, and with the RSI showing strength, there is scope for further positive move. With the chart technically looking attractive, we suggest buying the stock.
8. Gujarat State Fertilizers & Chemicals Ltd.-Koothupalakkal recommends buying Gujarat State Fertilizers & Chemicals, or GSFC, at around ₹203 for a target price of ₹215, keeping stop loss at ₹198
The stock has recently taken support near the 100-period moving average at the ₹192 level and indicated a decent pullback to move past the 200-period MA at the ₹201 level to strengthen the bias expecting further rise. The volume participation has been significant, with the RSI indicating a positive trend reversal to signal a buy, carrying on with the positive move further ahead in the coming sessions. With the chart looking good, we suggest buying the stock.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.